Global Challenges in Responsible Business
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Added on 2020-03-23
Global Challenges in Responsible Business
Added on 2020-03-23
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Running head: GLOBAL CHALLENGES IN RESPONSIBLE BUSINESSGlobal Challenges in Responsible BusinessName of the Student:Name of the University:Author Note:
1GLOBAL CHALLENGES IN RESPONSIBLE BUSINESS ContentsIntroduction......................................................................................................................................2Critical analysis of the Literature Review.......................................................................................2Importance and justification of the topic.........................................................................................8Conclusion.......................................................................................................................................8
2GLOBAL CHALLENGES IN RESPONSIBLE BUSINESSIntroductionGlobalization has increased the presence of multinational corporate in developingcountries. Corporate responsibility is an important global issue which has become popular in thusera. The business leaders argue that business plays an important and constructive role inaddressing the challenges faced by the businesses. Moreover, the businesses also had to passthrough several crisis and it responsible for various approaches which are related to costreduction and lay-offs technique. The business leaders have shown various kinds ofresponsibilities and leadership qualities which are closely associated with cost compensation.The managers are responsible for responsible for cost reduction and laying off employees. Theglobal challenges of the responsible businesses will disappear if financial crisis and recession inthe business are taken care of. This paper will critically highlight different literature reviews onglobal challenges in businesses. There are certain areas which are to be taken care of in highlightthe global challenges such as ethics, environmental CSR and corporate social responsibility(Pfitzer et al. 2014). Critical analysis of the Literature ReviewAccording to Kolk (2016), there is a need for more international corporate socialresponsibility on the developing and emerging countries. The stakeholders must also identify thedifferent changes which are necessary for improving the business activities. The author has citedthe example of Ghana which has attracted many international businesses and it is planning toextend it more in various sectors of the economy. Carne et al (2013) has also highlighted thatthere must be laws and regulations which will help to know and get a comprehensiveunderstanding of the targeted market. The tax implications and the trading laws are the key
3GLOBAL CHALLENGES IN RESPONSIBLE BUSINESSfunctions of any international business. Moreover, there must be potential tariffs and legal costswhich are associated with entering the new market. The employment and the labor requirementsdiffer in various countries. Tax compliance is most crucial and it is one of the legal area which isto be considered in businesses. Accounting is a challenge to global business and they may beliable for corporation tax. Different tax system, compliance requirements and rates can make theaccounting function of a global business very difficult and challenging. Accounting strategy isalso important for maximization of revenue. According to Ferraro and Briody (2017), the success and the failure of any business alsodepends on how efficiently and effectively the company manages the marketing andmanagement activities. The employees must also be able to exercise their skills in new location.This will depend on the job related experience, sensitivity and responsiveness of the individual toadapt to the new cultural environment. The insensitiveness of the workers can lead to undesirableresults in the business. Ruggie (2014) has opined that there must be integrity in business. Thebusinesses face moral challenges in the global economy. If this practice is adopted, it will erodethe trust which exists between the employees and employers, executives, business partners andshareholders. It is difficult to compete effectively with the businesses and thus it will eventuallyfail. Moreover, the businesses also face challenges in selection and competition. The ease ofstarting a business also increases competition. There will also help the businesses to retain theircustomers. The business owners can also easily master the elements and thus provide greatcustomer experience. Challenges are also faced in marketing and consumer loyalty to effectivelyretain the customers. Social media, smart phone and various other modes of communicationchannels has made it easier for the businessmen to mitigate the challenges. It is also important tofigure and find out the correct marketing channel which will help the businesses to be successful.
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